AECC AEC(SZ:000738) Xin Lang Zheng Quan·2025-10-31 14:13Core Viewpoint - The company,航发控制, is a leading enterprise in the field of aircraft engine control systems, with strong technical accumulation and research capabilities, focusing on the development, production, sales, and repair of aviation and aerospace engine control systems, as well as automotive and motorcycle parts [1] Financial Performance - In Q3 2025, the company achieved operating revenue of 3.968 billion yuan, ranking 8th among 48 companies in the industry, while the industry leader, 中航西飞, reported revenue of 30.244 billion yuan [2] - The company's net profit for the same period was 405 million yuan, placing it 9th in the industry, with the top performer, 中航沈飞, reporting a net profit of 1.369 billion yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 19.28%, down from 22.71% year-on-year, significantly lower than the industry average of 39.42%, indicating strong solvency [3] - The company's gross profit margin was 26.13%, a decrease from 29.71% year-on-year, and below the industry average of 30.54%, suggesting a need for improvement in profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.24% to 66,100, with an average holding of 19,900 circulating A-shares, which increased by 1.25% [5] - Major shareholders include 华夏军工安全混合A and 富国中证军工龙头ETF, with significant increases in their holdings [5] Business Outlook - The company is expected to maintain a high level of repair business during the "十五五" period, with a revenue completion rate of 74.9% for the first three quarters of 2025 [5] - The company is actively expanding its foreign aviation power equipment market and is projected to achieve net profits of 637 million yuan, 736 million yuan, and 841 million yuan from 2025 to 2027 [5] - The company is positioned to benefit from the rapid development of military aviation engines and the growing domestic civil aviation market [6]